Allianz has been revealed as the co-investor in the tower in Shanghai.
The German insurer announced that it invested in the mixed-use asset alongside Keppel Land China and a commingled fund managed by Keppel Group鈥檚 Alpha Investment Partners.
In June, that the Alpha Asia Macro Trends Fund (AAMTF) III, Keppel Land China and an unnamed investor had acquired the 70,042sqm office and retail tower from developer Soho China.
Allianz this week revealed that it was the unnamed co-investor and that it is also an investor in AMMTF III, along with Keppel Land China. Allianz said the co-investment and participation in the fund brought its 鈥渋nitial commitment鈥� to between US$150m and US$200m.
AAMTF III, which by the end of the year, will hold a 40% stake in the Shanghia asset and the remaining 60% will be equally split between Allianz and Keppel Land China.
Allianz Real Estate undertook the transaction on behalf of a number of Allianz companies.
Rushabh Desai, who as head of Asia-Pacific, said: 鈥淲e are attracted to Shanghai as a leading global 24-seven city.
鈥淭his stems from our confidence in the growth prospects of the commercial real estate markets in this gateway city as well as the potential for assets like Hongkou Soho to take advantage of the future expansion of [central business districts] Puxi and Pudong.
鈥淲e are also excited about deepening our association with the Keppel Group. Co-investing with local experts is an approach our investors favour for the region and we look forward to broadening our activity in this area.鈥�
and managing director of Alpha Investment Partners, said: 鈥淐o-investment with partners like Allianz is key to our strategy at Keppel Capital.
鈥淚t expands our capital platform, provides evidence of our investors鈥� confidence in our strong investment track record and supports our commitment to grow our assets under management.鈥�
